April 26, 2023
HDFC Bank Salary Account
Salary Accounts are savings accounts into which employees' salaries are directly deposited by their employers. In recent years, salary accounts have become a popular way for employees to transfer paychecks from their employers conveniently and efficiently. In addition to simplifying things for the company, it also provides employee benefits like 'Salary Account' features.
With the HDFC Bank Salary Account, you will be provided with a convenient banking option tailored to the needs of corporate employees, military personnel, and other large company workers. The HDFC Bank Salary Account is designed to provide businesses with the security they require and offer employees premium benefits.
Each HDFC Bank Salary Account is designed to offer a unique set of benefits, including flexible insurance options, 24/7 online and mobile banking, and no minimum balance requirements.
This article will discuss HDFC Bank Salary accounts, their features, and how to open a salary account in HDFC bank.
Features and Advantages of HDFC Salary Accounts
A salary account offers more benefits than a savings account as it is more profitable for the bank since it receives a fixed monthly amount. A salary account holder receives various benefits, depending on the bank.
This makes it a steady source of CASA, which is helpful for the bank's business. Even within a single bank, there may be several salary accounts, each different offering benefits.
HDFC Bank Salary Account benefits and features are numerous. Some of them are as follows:
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There is no minimum balance requirement for any HDFC Bank Salary Account.
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You can get up to Rs. 5 lakhs of personal accident death insurance with a certain HDFC Bank Salary Account.
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Several HDFC Bank Salary Accounts include Rs. 25 lakh air accident death benefit.
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Certain HDFC Bank Salary Accounts offer free zero-balance family accounts and the same benefits for your family members.
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The HDFC Titanium Royale Debit Card offers cashback of up to Rs. 750 per month and various other benefits.
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Customers can use their HDFC salary debit cards at any ATM country.
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HDFC Bank Salary Account Holders get preferential pricing on loans and related products.
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Demand drafts payable at all HDFC locations in India are free for HDFC salary account holders.
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A mobile banking application and an internet banking service are available for customers with salary accounts.
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Customers receive free email and SMS alerts each time a transaction is made.
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Transferring funds from an HDFC bank salary account is easy using NEFT and RTGS.
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With HDFC's comprehensive banking and ATM network, customers can access their accounts anywhere.
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Chequebook for free
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HDFC Bank Salary Account holders can easily open reimbursement accounts to manage their funds.
HDFC Bank Salary Account Interest Rate
Detailed below are the interest rates for an HDFC Bank Salary Account:
| Day-end Balance | Current Rate of Interest |
|---|---|
| Below Rs. 50 Lakh | 3.00% p.a. |
| Rs. 50 Lakh and above | 3.50% p.a. |
Note: Since banks usually treat salary accounts as savings accounts only, they also offer savings account interest rates on salary accounts.
Types of HDFC Salary Accounts
As of right now, there are nine types of HDFC Bank Salary Accounts that the bank offers. They are as follows:
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Insta Account
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Reimbursement Account
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Premium Salary Account
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Premium with Millennia Debit Card
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Regular Salary Account
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Defence Salary Account
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Government Salary Account
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Family Salary Account
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Classic Salary Account
1. Insta Account:
With the HDFC Bank Insta Account, you can open an account instantly with just a phone number, an Aadhaar number, and a PAN number.
Eligibility criteria
The following criteria must be met to qualify for an HDFC Bank Insta Account:
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Those who are residents of India and do not already have an HDFC Bank salary or savings account.
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Applicants must be over 18 to apply for this type of account.
Fund Transfer
Your account can be credited directly by transferring funds:
- Upon HDFC bank salary account opening, your salary can be deposited as well as funds can be transferred.
Money withdrawal
You can even use your mobile phone to make withdrawals at ATMs
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You can withdraw cash without a debit card from an HDFC Bank ATM with your HDFC Bank Insta Account.
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You must press the cardless option on the ATM and follow the instructions.
Mobile Banking and Internet Banking
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Net Banking and Mobile Banking are automatically enabled on your account.
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You can check your balance immediately once your password is set for your Instant Online Savings Account or Salary Account through Net Banking and Mobile Banking.
2. Reimbursement Account
Other components of the gross salary, i.e., travel allowance, etc., are credited to a separate monthly reimbursement account. The same bank that manages the employer's salary accounts always maintains the reimbursement accounts. This makes handling the funds easy.
The following are the requirements for opening a reimbursement account:
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Details of your salary account
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Details of your debit card
Eligibility criteria:
Employee Reimbursement Account criteria are as follows:
- It is required that you have an HDFC bank salary account.
Average minimum balance:
- Accounts with no balance requirements.
Debit card:
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A debit card associated with an HDFC bank salary account is linked to a reimbursement account.
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During ATM withdrawals, you can choose between salary and reimbursement accounts.
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A distinct debit card can be issued upon request.
3. Premium Salary Account
With a Platinum debit card, you get up to 1% Cashback on shopping, access to domestic airport lounges, and free insurance for up to 20 lakh for personal accident insurance and up to 1.25 crore for international accident insurance.
Eligibility criteria:
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Credit for salaries exceeding 50,000.
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There must be a salary account tie-up between HDFC Bank and your employer.
Average minimum balance:
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Accounts with no balance requirements.
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Your family could benefit from a salary family account with a zero balance and similar benefits to your salary account.
4. Premium With Millennia Debit Card
Your loved ones may have their own Zero Balance Account with the same features. Millennia debit card for free, with an annual cashback of up to Rs. 4,800. Coverage for accidental death, up to 15 lakhs, is provided free of charge, as is coverage for accidental death, up to 1.25 crores, when travelling internationally.
Eligibility criteria:
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Credit for salaries exceeding 25,000.
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You must work for a company with a salary account relationship for an HDFC Bank Salary Account.
Average minimum balance:
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An account with a zero balance.
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Your family could benefit from a salary family account with a zero balance and similar benefits to your salary account.
Debit card:
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A free Millennium debit card with increased card limits.
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There is a daily limit of Rs. 50,000 for withdrawals from domestic ATMs.
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Limits for domestic shopping daily: Rs. 3.5 lacs.
5. Regular Salary Account
You will receive a Time points debit card with a domestic shopping limit of 3.5 lakhs and an ATM withdrawal limit of 1 lakh with a minimum discount of 10% and more on online lifestyle, recreation, eating, and store purchases.
Eligibility criteria:
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Credit for salaries exceeding 15,000.
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There must be a salary account tie-up between HDFC Bank and your employer.
Average minimum balance:
Accounts with no balance requirements.
Debit card:
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An increased limit Times Points debit card with no charges.
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There is a daily limit of Rs. 1,00,000 for withdrawals from domestic ATMs
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Limits for domestic shopping daily: Rs. 3.5 lacs.
6. Defence Salary Account
In addition to the free account, provide your family with a Zero Balance Account with comparable benefits. Give your family a Millennia debit card with up to Rs. 4,800 cashback yearly. Provide your family with free permanent and partial disability insurance coverage of up to Rs. 30 lakhs.
Eligibility criteria:
- It would be best if you were employed with a defence unit to qualify for an HDFC Bank Defence Salary Account.
Average minimum balance:
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Accounts with a lifetime no balance requirements.
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Your family could benefit from a salary family account with a nil balance and similar benefits to your salary account.
Debit Card:
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For Persons Below Officers (PBOR) grade, Titanium Debit Cards offer a higher domestic shopping limit of 1.75 lakhs and ATM withdrawals of 50,000 rupees.
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Officers and above receive a free Millennia Debit Card with a higher debit card limit.
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There is a daily limit of Rs. 50,000 for withdrawals from domestic ATMs.
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Limits for domestic shopping daily: Rs. 3.5 lacs.
7. Government Salary Account
You may get a free family Nil Balance Account with the same features. Millennia Debit Card at no cost to you, with a yearly cash rebate of up to Rs. 4,800. Includes up to 15 lakhs in personal accidental death coverage and 1.25 crores in international air accident coverage at no cost.
Eligibility criteria:
- If you worked for a Government Organisation affiliated with HDFC Bank with a salary account tie-up.
Average minimum balance:
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Accounts with a lifetime no balance requirements.
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Providing your family with the same benefits as your salary account in a no-balance family account.
Convenience:
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Using ATMs at HDFC Bank and other banks is unlimited and free of charge.
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Demand drafts are unlimited and free.
Debit Card:
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A free Millennia Points debit card with increased card limits.
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There is a daily limit of Rs. 50,000 for withdrawals from domestic ATMs.
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Limits for domestic shopping daily: Rs. 3.5 lacs.
8. Family Salary Account
You may get a Times points debit card free of charge with a 3.5 lakh limit on domestic purchases and a 1 lakh restriction on withdrawals from ATMs. Online lifestyle, leisure, eating, and store discounts should be at least 10%.
Coverage for accidental death up to 11 lakhs and coverage for accidental death when travelling internationally up to 1 crore are provided at no cost.
Eligibility criteria:
- The Salary Family account is offered to employees approved for it as long as they hold a no-balance salary account and work for the corporation.
Average minimum balance:
- Accounts with a lifetime no balance requirements.
Debit Card:
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Times Points debit card - free of charge with increased card limits.
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There is a daily limit of Rs. 1,00,000 for withdrawals from domestic ATMs.
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Limits for domestic shopping daily: Rs. 3.5 lacs.
9. Classic Salary Account
There is a Times Points Debit Card free of charge with a limit on shopping of Rs. 1 lakh and a limit of Rs. 3,50,000 withdrawals at ATMs, a HDFC Bank classic salary account, and free Personal Accident Death Coverage up to Rs. 10 lakhs per card, and international air coverage of Rs. 1 crore per card.
Eligibility criteria:
- To qualify for this program, you must be employed by a company with a salary account relationship with HDFC Bank.
Average minimum balance:
- An account with a zero balance.
Debit Card:
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Times Points debit card - free of charge with increased card limits.
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There is a daily limit of Rs. 1,00,000 for withdrawals from domestic ATMs.
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Limits for domestic shopping daily: Rs. 3.5 lacs.
Fees & Charges of HDFC Bank Salary Account
The general fees and charges associated with HDFC Bank Salary Account are listed below. Some transactions fee might vary for HDFC Basic Savings Bank Deposit Accounts for Salary and Family Salary accounts.
| Charges on non-maintenance thereof | NIL |
|---|---|
| Payable At Par Cheque book | Free 25 cheque leaves per half year Additional chequebook of 25 leaves will be charged Rs 75/- per chequebook. |
| Issue of duplicate/ad hoc statements | Branch - Rs 100/- Phone Banking (Non-IVR) - Rs.75/- NetBanking, Mobile Banking, Phone Banking - IVR & ATM - Rs 50/- |
| Minimum Balance (Average Monthly Balance) | NIL |
| Duplicate passbook issuance | Rs 100 |
| Demand Drafts - Cancellation and Revalidation | Rs 100/- (Nil cancellation/revalidation charges for Managers Cheque / DD value up to Rs.1000/-) |
| Passbook issuance | Free |
| Balance Enquiry at Branch | Free |
| Stop Payment Charges | Particular cheque - Rs. 100/- Range of cheques - Rs. 200/- Free if done through NetBanking |
| Interest Certificate | Rs. 50 |
| Account Closure | Up to 14 days - No Charge 15 days up to 12 months - Rs 500/- Beyond 12 months - No Charge |
| Number of cash transactions (Self at home and non-home branches) | 5 free cash transactions per month would be permitted, and Rs 100/- per transaction would be levied from the 6th transaction onwards. |
| TDS Certificate | Free |
| Standing Instructions | Setting up Charges - NIL |
| Activation of dormant account | No charges |
| Debit Card - Replacement charges | Replacement of a damaged card - No charges & Replacement of a lost card - Rs. 200 excluding taxes. |
| Debit Card - Transaction Charge - Non-HDFC Bank International ATMs | Rs. 25 per balance inquiry & Rs. 125 per cash withdrawal plus taxes |
| ATM Card - Replacement charges | Rs. 200 (plus taxes and cess) |
| Debit Card - Annual Fee - Regular / Rewards | Free |
| ATM Card | Free |
| Internet & Mobile banking | Free |
Note: It is important to inquire with HDFC Bank about the fees & charges as they are subject to frequent revision.
How to Open a Salary Account in HDFC Bank?
It is only possible for an employer to establish an HDFC bank salary account for an employee if the company has a banking relationship. The employer can transfer their employees' monthly salary to their salary accounts in bulk.
An organisation's policy governing how it provides its workers with access to the various perks and facilities related to their Salary Accounts determines the type of account.
Upon beginning a new job, an employee must open a salary account with the firm's designated bank to receive a paycheck. The employee must provide their personal information to the bank to set up a salary account.
Moreover, HDFC Bank could allow you to open an online Salary Account and receive a "customer's welcome kit" (i.e., a chequebook, debit card, and account number) to you shortly.
What are the Required Documents for an HDFC Bank Salary Account?
You will need several documents to open an HDFC Bank Salary Account. Here are the documents you need to open an account:
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Application form duly filled out
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Documents that prove identity and address, such as valid PAN cards, Aadhaar cards, voter identification cards, driving licenses, passports, cards issued by the Central or State Government, Public Sector Units (PSUs), and NREGA job cards
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Passport-size photos
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Employment proof
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Your salary account and debit card details will be required to set up a reimbursement account.
Wrapping Up
Employees can quickly receive their monthly salaries from their employers through salary accounts. As well as being convenient for employers, it even provides employees with several benefits.
However, it may also accept checks or cash deposits from anyone besides your salary. You can also withdraw money from it by treating it like a savings account.
Various salary accounts are available at HDFC Bank to suit different needs. HDFC Bank offers special salary accounts to corporate/institutions, the Central Government, State Government, etc.
The HDFC Bank Salary Account is something that you will choose if you come from a salaried section.
FAQs
Can anyone take advantage of a corporate salary account?
The requirements for opening a Corporate Salary Account are that an organisation with a salary account relationship with HDFC Bank must employ you.
Is there a minimum balance charge on an HDFC Bank Salary Account?
No minimum balance or average monthly balance charge is associated with opening an HDFC Bank Salary Account.
Can I still use the HDFC Bank Salary Account if I change employers?
Using the HDFC Bank Salary Account is possible if your new employer has a salary account relationship with HDFC Bank. If so, you must provide your employer with the necessary documentation.
Is it possible to withdraw my salary account in full?
In addition to putting money in your salary account, you can also withdraw funds from it. Although banks allow you to deposit cash in salary accounts, you may be required to declare where the money came from.
Why do we need salary accounts?
An organisation opens a salary account, so its employees can receive their salaries. With an Aadhar card, anyone can open a Savings Account to save money.
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